Archive for the ‘Chicago Apartments for rent’ Category

Chicago Apartments For Rent

Sunday, July 12th, 2009

Chicago apartments for rent can be found by going to many sources like newspapers, signs on windows in the neighborhood or to your local real estate agency.  The question would be, why would you want to look for a Chicago apartment for rent when you can rent a Chicago condo instead?

There are thousands of Chicago apartments for rent but the same is true with Chicago condos.  There are nearly the same amount of condos for rent as Chicago apartments.  What’s the difference?  The difference is huge.

Chicago apartments are owned by normally one landlord.  Occasionally they will have a professional property management company run the apartment complex, but more often than not, the owner, the landlord will run the building. When it comes to running an apartment building, there is only one person along with the city the apartment is in that will dictate how the apartment complex in Chicago is being cared for.  What it comes down to is the amount of cash that normally comes from running an apartment complex is not enough to fix up the complex to a level like a condo association can.  This is a big deal when you think through this.  Landlords can fix the apartment complex up little by little from the monthly cash flow, but it’s typically not enough to really renovate an apartment building the right way.

Chicago condo complexes for rent are different.  The entire condo association pitches in each month through what is called an association fee.  This condo association fee is used every single month to take care of expenses and continue maintaining and repairing loose ends in the complex.  After a few short years you can see how different an apartment complex in Chicago can differ from a condo complex in Chicago would be.  Every month there is cash flow in the condo complex to do repairs and improvements.

What about the price for rent in a Chicago apartment? Chicago apartments for rent and Chicago condos for rent are virtually the same believe it or not.  You can rent an apartment in Chicago for $1,000 and that same size condo in the same area is going to rent for the same.  So why rent a Chicago apartment when you can rent a condo?

You can find both Chicago apartments for rent and condos by going online.  Real Estate companies can also help you with listing in both these categories

Tags: , , , ,
Posted in Chicago Apartments for rent | No Comments »

Chicago Apartments For Rent

Thursday, May 21st, 2009

Who do you turn to when you are looking for a Chicago apartment to rent? Chicago apartments to rent are everywhere but how do you organize it all?  Do you go out there and just call the numbers on signs or do you call a professional to represent you?

My strong recommendation would be to hire a real estate professional. They have years of experience in the market along with a pulse on what is going on today.  They know where the deals are and what product is available like no one else.  The great thing about all this is that they come for free. Free?  Yes, free.

Real estate professionals are paid predominantly by the seller or apartment building landlords. If you find an apartment in Chicago that you eventually decide to go forward with, the landlord will pay the Chicago Realtor for finding you.  This is the agreement between the landlord and the Realtor.  You pay nothing.  What do you get in return? Everything.  The Chicago Realtor will show you a list of everything that’s on the market.  There are thousands of Chicago apartments for rent.  He or she will be able to pin point the area and give you a list of everything that’s available.  The best thing of all is their expertise.  They can save you a ton of time by going over all the paperwork, the lingo of the lease agreement, the statistics of the area, etc.

Now you’ve come to the point where you’ve found the Chicago apartment to rent.  What next.  The rental agreement.  This agreement is very important to have an attorney look over.  If the agreement is relatively straightforward, the attorney should charge no more than a few hundred dollars.  If you do not have the funds for this, I’d suggest you make sure you read and understand every single line of the lease agreement.  You never know if the landlord stuck a line in the agreement that can be extremely detrimental to you somewhere down the road.  Always read the agreement in full.

Chicago apartments for rent are everywhere in Chicago.  A complete list can be found by going to the website of OwnACondo.com and click search rentals.  You’ll be able to from a long list of every area of Chicago land to find the apartment that’s right for you.  Always remember your realtor when you want to move and buy your real estate.  They get paid very little on rents for all the work they do.  They are mainly investing their time on the long term relationship for you buying a condo somewhere down the road.

Tags: , , , , ,
Posted in Chicago Apartments for rent | No Comments »

Chicago Apartments for Rent

Tuesday, May 12th, 2009

The idea of moving to an urban area and tapping into the excitement and cultural opportunities of a big city is taking hold for many Americans.  Chicago apartments for rent are exactly what many potential urban dwellers are looking and one classic style that is available today is the loft.  Are you one of those people who like wide open floor plans in which there are no preset rooms or immovable walls?  Do you prefer floor to ceiling windows revealing a panoramic view where high ceilings, worn wooden floors exposed building elements such as, brick, beams, duct work are the norm?  Then loft living is what you are looking for and Chicago apartments for rent is where it’s at!  A classic loft style apartment is one large space with average living areas of 1000 to 2000 square feet with cavernous spaces beyond the reach of the average resident.  It is these aspects which lure many apartment dwellers to the city-life and industrial chic lifestyle. Most classic loft apartments were converted from old manufacturing or warehouse buildings and more contractors are meeting this growing demand by creating these buildings from the ground up.  The new reproductions are referred to as “hybrids”.  Many loft-style apartments come in different shapes and attributes, with or without fireplaces or other amenities.  Secured video entry, in house fitness centers, and pools are just a few of the luxury items which can come with your apartment.  Today urban dwellers are finding loft living offer the location and opportunities of city life with more space than the average apartment.

Loft life offers many unique joys.

  • Open Spaces – the primary benefit is large open spaces that allow you to live how you want, rather than having a defined permanent floor plan of walls, doorways and rooms.
  • Define your areas – floor plans can be fluid and ever changing.  Temporary partitions, hanging curtains, or even changes in floor covering can define spaces.
  • Eclectic style – Apartment style loft living offers the opportunity for eclectic design and decorating.  The mixture of old and new in a loft such as, modern furniture sitting on old hardwood floors offers much of the appeal for many urban dwellers.

Chicago Apartments for rent are located throughout the 77 communities of Chicago and now are branching out to many of the suburban areas.  Many are former commercial and industrial building that have been converted and now used for residential purposes.  If you are interested in living in a vibrant city such as Chicago, apartment living offers a variety of choices that I am sure you will not be disappointed.

Tags: , , , , ,
Posted in Chicago Apartments for rent | No Comments »

Chicago Apartments for Rent

Monday, April 27th, 2009

There are thousands of Chicago apartments for rent. In looking for an apartment, one of the best starts is calling your local Realtor professional.  A real estate agent works the streets everyday and sees deals constantly.  They will be able to help you with the process of choice and all the details needed to qualify for a Chicago apartment.

To start looking for a Chicago apartment for rent, you can go to the Chicago Multiple Listing Service.  There are several hundred of units for rent in all locations. A Realtor specialist will help you through this but the search itself is pretty easy.  Next, select an area you want to live..As you move through your search you’ll begin to see, different areas will command different prices.  Make sure you’re not wasting your time looking at Chicago apartments that are out of your price range.  How much should you be paying for renting a Chicago apartment?  A financing company usually qualifies a person for a loan under the guidelines of spending no less than 35% of your monthly income on housing.  Here’s an example of that.

Let’s say you make $36,000 a year in income.  That breaks down to $3,000 a month.  35% of that is roughly a little more than $1,000 a month.  You really should be spending no more than a $1,000 for your monthly rent. If you make $50,000, 35% of that is about $1,450 per month.  You get the picture.

Renting a Chicago apartment can be exhilarating.  It’s your new home.  The place memories will be made and where you’ll call home for possibly a few years minimally.  Make your choice wisely and make sure to due as much due diligence on an area before making the final decision.  This is really where a good Realtor will come in to play.  They not only know of the great deals that are on the streets, but they have access to the schools and many of the amenities of the area as well. Chicago real estate agents get paid by the seller or the Chicago apartment building landlord, so their services are free.

When a Chicago Realtor finds you a Chicago apartment to rent they get paid, so they are very willing to help.  Remember, you pay nothing.  The cost will be out of the Chicago landlords pocket, not yours.

Tags: , , ,
Posted in Chicago Apartments for rent | No Comments »

Chicago Rental Condos

Tuesday, February 10th, 2009

Are you looking to rent a condo? There are a tremendous amount of Chicago Rental Condos available in all areas of Chicago.  Typically condos will rent for an amount slightly higher than in an apartment complex because there are a number of benefits to a condo complex versus an apartment complex.

Rental condos have several advantages over apartments.  In a condo complex, the majority of people that live in the units are owners of those units versus tenants.  Of course, owners are naturally going to keep up the property better than people that do not own.  This has a tremendous trickle effect.  The outside is usually kept up nicer, the laundry room, the hallways, less parties, etc. 

In a condo complex, the association normally has a budget for repairs, renovations and maintenance already built in.  Most condo complexes are able to upgrade the major components of the property faster than landlords of apartment buildings.  This is one of the reasons you see so many condo conversions.  The landlord of the apartment building doesn’t have the funds to do the necessary renovations to keep up with the times.  Properties that were built in the 1960’s and 1970’s need just about everything remodeled.  The cash flow operating an apartment building isn’t enough to handle all the major changes needed. 

When looking for Chicago rental condos, be cautious that the property is not an apartment complex.  Many look very similar.  When you approach the leasing office, ask if the complex is an apartment building or a condo building.  If it is a condo building, and you feel comfortable with the surroundings, make sure to do a thorough inspection of all the amenities.  Is the pool kept clean all the time?  How does the laundry room appear?  How often are the hallways cleaned?  It’s your right as a future tenant to know all these things.  Ask as many questions as possible.

If the property is being converted to condos, there may be a chance that you can be a renter, but also be put on a program called rent-to-own, This allows you to rent the unit and use a portion of your rent for a down payment to actually own your unit in the future.  This is a great way to get into ownership if you don’t have the money today.  Some condo owners, that are currently renting their unit, would be happy to set this program up with you because it also is a nice way for them to get the unit sold.  It creates a win-win for both parties. 

One way or another, you’ll find a huge array of Chicago Rental condos to choose from.  Do your due diligence and you come out on top.

Tags: , , , ,
Posted in Chicago Apartments for rent | No Comments »

Apartments in Chicago for sale

Thursday, February 5th, 2009

Many people refer to condos as apartments, because many times, they are similar in size.  But apartments in Chicago for sale and condos in Chicago for sale are very different. 

You can buy an apartment, otherwise known as cooperatives or co-ops. This form of ownership is where you have a percentage of ownership in the entire building rather than in the apartment itself.  This form of ownership is very rare in Chicago but very popular in New York.  Many times, to be able to purchase into a co-op situation, you need to get approved by a panel of owners in the building.  They meet regularly to vote approval or disapproval of a new potential buyer of the building.

You’ve heard of Madonna or Jerry Seinfeld buying an apartment in New York.  This is an example of buying into ownership of the building based on the size of your apartment.  If the apartment was a two bedroom and it had a total of 2,000 square feet and the building’s total square footage was 100,000 square feet, you would be purchasing an ownership interest of 2% in the entire building.

The apartments for sale in Chicago also bring on a meaning of the apartments that have been converted to condominiums. Folks like to use the expression “apartments” but many times they are legally converted from apartments to condominiums to then sell separately to the tenants of the units and to the general public.  This enhances the value of the complex turning it from a rental community with one owner, the landlord, to a community of several condo owners that live in the units. 

Chicago condominium conversions were very popular from 2000-2005 during the real estate boom.  Today there are still several developments that can be purchased from at a substantial discount because of the amount of inventory available.  There are over 35,000 Chicago condos available today with many of these units from developers that started converting an apartment building to condos literally three or more years ago.  The developers are anxious to move on and will be willing to sell for just about any price.

This is one of the best times in history to buy Chicago real estate.  The deals are everywhere in every area of the city.  The average price for a Chicago condo in 2008 was $387,000.  In the Chicago suburbs it was $202,000.  As we enter 2009, no one knows exactly what will happen, but the deals are substantial.  Short sales, auctions, foreclosures and people in distress that need to sell have taken prices of condos significantly down, bringing upon one of the best buying times in history.

Tags: , , ,
Posted in Chicago Apartments for rent | No Comments »